jvid视频 Closes Private Offering of $603.75 Million of 2.75% Exchangeable Senior Debentures due 2049

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- jvid视频 (鈥淟iberty鈥�) (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) announced today that it has closed its previously announced private offering of $603.75 million aggregate original principal amount of its 2.75% exchangeable senior debentures due 2049 (the 鈥淒ebentures鈥�) exchangeable for Sirius XM Holdings Inc. (鈥淪irius XM Holdings鈥�) common stock, which includes $78.75 million aggregate principal amount of Debentures sold pursuant to the initial purchasers鈥� option to purchase additional Debentures, which was exercised in full on November 25, 2019.

Upon an exchange of Debentures, Liberty, at its option, may deliver Sirius XM Holdings common stock, the value thereof in cash or shares of Liberty鈥檚 Series C Liberty SiriusXM Common Stock (鈥淟SXMK鈥�) or any combination of shares of Sirius XM Holdings common stock, cash and/or shares of LSXMK. Initially, 116.0227 shares of Sirius XM Holdings common stock are attributable to each $1,000 principal amount of Debentures, representing an initial exchange price of approximately $8.62 for each share of Sirius XM Holdings common stock. A total of approximately 70,048,705 shares of Sirius XM Holdings common stock are attributable to the Debentures. Interest is payable quarterly on March 1, June 1, September 1 and December 1 of each year, commencing March 1, 2020. The Debentures may be redeemed by Liberty, in whole or in part, on or after December 1, 2024. Holders of the Debentures also have the right to require Liberty to purchase their Debentures on December 1, 2024. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the Debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution.

Liberty expects to use the net proceeds of the offering for general corporate purposes, which may include (i) the repurchase of shares of Liberty SiriusXM common stock; (ii) possible acquisitions and investments; (iii) interest payments on the Debentures; and (iv) the repayment of borrowings outstanding under the margin loan secured by shares of Sirius XM Holdings. The Debentures, as well as the associated cash proceeds, will be attributed to the Liberty SiriusXM tracking stock group.

The offering of the Debentures has not been registered under the Securities Act of 1933, as amended (the 鈥淪ecurities Act鈥�), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Debentures were offered by means of an offering memorandum solely to 鈥淨ualified Institutional Buyers鈥� pursuant to, and as that term is defined in, Rule 144A of the Securities Act.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Debentures nor shall there be any sale of Debentures in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.

Forward-Looking Statements

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the offering of Debentures and the use of proceeds therefrom, and the concurrent repurchase by Sirius XM Holdings of its common stock. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, general market conditions. These forward-looking statements speak only as of the date of this press release, and Liberty expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty鈥檚 expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, for risks and uncertainties related to Liberty鈥檚 business which may affect the statements made in this press release.

jvid视频 jvid视频

jvid视频 operates and owns interests in a broad range of media, communications and entertainment businesses. Those businesses are attributed to three tracking stock groups: the Liberty SiriusXM Group, the Braves Group and the Formula One Group. The businesses and assets attributed to the Liberty SiriusXM Group (Nasdaq: LSXMA, LSXMB, LSXMK) include jvid视频鈥檚 interest in Sirius XM Holdings. The businesses and assets attributed to the Braves Group (Nasdaq: BATRA, BATRK) include jvid视频鈥檚 subsidiary Braves Holdings, LLC. The businesses and assets attributed to the Formula One Group (Nasdaq: FWONA, FWONK) consist of all of jvid视频鈥檚 businesses and assets other than those attributed to the Liberty SiriusXM Group and the Braves Group, including its subsidiary Formula 1, its interest in Live Nation Entertainment and minority equity investment in AT&T Inc.

jvid视频
Courtnee Chun, 720-875-5420

Source: jvid视频

Released November 26, 2019